Morning @ Cantor
Morning
@ Cantor 8/12
Today’s
Stories From Cantor Fitzgerald
Sal
Catrini (908) 517-5067
PLEASE
NOTE: Sal Catrini is out today.
Any
questions or Comments please call Brian Young 212-610-3629
CONTENTS: All
Headings Are Functioning Links
Sector
News:
Energy, Industrials, Transports, TMT, Materials, Autos, Fins, Real Estate, Consumer, Gaming/Lodging, HC, Europe Trading Wrap
Investment
Banking Wrap:
M&A, Money Raising
o US Stock Futures
o
S&P Futures down 1.3 pts
o
USD up 0.29 in the
session
o
The
dollar is performing better on weak Euro zone data. Especially Greek
unemployment and GDP.
o
USD: Iran Central Bank
to Reduce Euro, Dollar Reserves, Official Says- BBG
§
Iran
won’t avoid keeping euros and dollars in its foreign currency basket as a
result of international sanctions over the country’s nuclear program, though it
will decrease the proportion the Western currencies represent in its reserves
o
Commodities
o
Gold up 5.2 to 1204, Copper flat to up, Crude down 0.8 to 77.22
o
Wheat: Wheat futures resumed their rally, ending
four days of losses, ahead of the release of the U.S. Department of
Agriculture’s latest global supply estimate- BBG
o
Steel: futures recovering
on fresh buying
o Overseas Action
o
Europe markets: FTSE 100: (0.07%); DAX: (0.19%); CAC 40: (0.27%)
§ A choppy equity session as the sentiment hinged on the JPY currency.
Stocks opened higher on growing hopes that the BOJ might undergo currency
intervention and this provided a brief window of risk appetite- TTN
o
Asian Markets: Nikkei
(0.86%); Hang Seng (0.89%); Shanghai Composite
(1.23%)
§ Asian equity markets are down across the board for a third consecutive
day, tracking sharp declines in the US, albeit coming off session lows in the
latter part of trading. A top-line shortfall and a subsequent cautious tone in the
CSCO conference call continued to weigh in the tech space again after
Intel-driven slump overnight.- TTN
o
Data:
§ Australian unemployment rate rises to 5.3% in July….the rise surprised economists
§ Greece May Unemployment Rate: 12.0% v 11.6%e …..GDP
shrinks
o
Bank of Korea left rates
unchanged as expected by a narrow majority of analysts against a substantial
minority calling for a second consecutive month of tightening- TTN
o
Japan’s Noda Says
Excessive Currency Moves Harmful to Economy- BBG
o
China: China’s Rich Have
$1.1 Trillion in Hidden Income- BBG
o
China: loosens restrictions on insurance investments-
Reuters
§ China modified rules to allow insurance companies to invest as much as
three times the previous limit in overseas capital markets, part of a broader
reform designed to give them more investment options
o
China: Yuan Drops Most in 7 Weeks on
global macro concerns and the strengthening USD
- Economics today:
o
Initial
Jobless Claims, Jul Import/Export Price Index at 08:30 ET
o
EIA
Natural Gas Inventories at 10:30 ET
- Earnings:
o
Companies
due to report before the bell include: EL, KSS, SLE
o
Companies
due to report after the close include: ADSK, DV, JWN, NVDA
o Top M&A
o BKS Barnes & Noble Said to Be Close to Agreement With
Ron Burkle- BBG
§
Barnes & Noble is
close to an accord that would give billionaire Ron Burkle three board seats in
exchange for his agreement to drop a lawsuit over limits to the size of his
stake in the company
o
Prudential Rules Out a Further
AIA Bid- BBG
o
Dana Says KNOC Unwilling to
Raise Offer, Board Can’t Back Bid- BBG
o KNOC is still committed to bidding for Dana Petroleum- Reuters
o FIG Fortress to buy most of AIG consumer finance unit- Reuters
§ AIG is selling most of its consumer finance
unit to Fortress Investment at a deep
discount and will recognize a $1.9 billion pretax loss as a result.
§ http://www.reuters.com/article/idUSN1121124020100811
o Top $ Raising
o
GM Said to Aim for Up to $16 Billion in Stock Sale
§ General Motors, the automaker 61 percent owned by the U.S., is seeking to
raise $12 billion to $16 billion in an initial public offering
§ The IPO would be the second-largest in U.S. history, behind Visa Inc.’s
$19.7 billion initial offering in March 2008.
o
GM has secured a $5 billion credit
facility in a step that clears the way for a return to the public markets later
this year- BusinessNews
o
Chapter 11 Benefits Battles Get Fierce- WSJ
o
Citic Bank Plans $3.8 Billion Offer- BBG
o AIG talking to big investors on AIA IPO- Reuters
o
Tech: CSCO Cisco reports-
mixed
Q4 and disappointing Q1 guidance. Mgmt’s tone was very cautious saying there is
“unusual uncertainty” in the macro-economic environment. Cisco plans to add
another 3,000 employees over the next few quarters. GMs in the Q were a miss as
GMs are at their lowest level in 8 years. Higher component costs could be to
blame for the lower GMs.
o
Consumer: AB InBev reported a better Q2 on the back of strong
world cup sales in Latin America. Results were positive across the board. An
increase of consumption in Brazil helped to offset declining consumpiton in
Russia and the US.
o
Illegal Immigrants Estimated to Account for 1 in 12
U.S. Births- WSJ
o
USA vs Yuan: U.S.
Lawmakers Gear Up to Seek New Yuan Policy- WSJ
o
The
U.S. trade deficit with China in June hit its highest level in nearly two years
and could spur congressional pressure on Beijing to revamp its currency policy.
o
Fraud pays million$ on Wall Street- NYPOST
o
On
Wall Street, even people convicted of crimes get to keep their millions.
o
That's
the takeaway from a decision by The Street's self-regulatory agency, the
Financial Industry Regulatory Authority, which ruled that two brokers caught up
in securities fraud could keep their $4.45 million signing bonuses.
o
Science Stimulus Funds Called Wasteful- WSJ
o
Economic-stimulus
funds for scientific research are becoming a political target for Republican
skeptics who say they have identified some grants as evidence of wasteful
spending
o
Shareholders
Count on Dividends More Than Ever- CNBC
o
Bailout begins: Bigger
Bailout for Unemployed Borrowers- CNBC
o
We
knew it was coming, as it was part of the recently signed financial reform
bill, but today the Obama Administration announced it would be sending another
$1 billion to unemployed borrowers to help them pay their mortgages
o
U.S. bailouts benefited
foreign firms- Washington Post
o
Members
of the Congressional Oversight Panel, in a report due out Thursday, note that
America's broad financial rescues had more impact internationally than the
narrower bailout programs of other countries had on U.S. firms
o
Credit Card
Spending is moderating- American Banker
o
Sands China Delayed: Sands China
Delays Mega Casino Plans in Macau- CNBC
o
Sands
China, the Macau unit of Las Vegas Sands, said a worker shortage will delay the
opening of its new Cotai Strip mega-resort to the fourth quarter of 2011
o
Mexico Drilling: Mexico plans to
drill a well 2,600 metres deep in its part of the gulf. That’s more than twice
as deep as Pemex, the state oil company, has ever drilled before, and shows how
much pressure the company is under to develop deep-water reserves- FT
o
Back to School: Last year, a tougher
credit environment made it difficult for small companies that cater to student
needs to order inventory. This year, continuing credit woes, coupled with
dismal consumer spending and competition from big-box stores, may further push
some small players out of the market.- WSJ
o
Group sues Federal Election Commission- WPO
o
A
prominent Washington advocacy group filed a lawsuit Wednesday against the FEC arguing
that the panel routinely makes it impossible to appeal its decisions.
o
SEC Urged to Tighten Market-Maker Rules-
WSJ
o
A
senior Democratic senator said some high-frequency traders should be legally
bound to provide liquidity to U.S. stock markets as part of efforts to prevent
a "flash crash." Repeat
o
The SEC’s Plan to Pry
Open Corporate Boards May Face Challenge- BBG
o Buried on page 1,257
of the legislation is language authorizing the Securities & Exchange Commission
to let investors nominate directors on corporate proxies, the ballots and other
information that companies mail to shareholders
o If the SEC approves
the proposed rules, as shareholder groups expect it will, at the end of August,
candidates selected by pension funds, labor unions, or hedge funds could appear
on proxies as early as the spring of 2011
o
Macro negative: Americans grim over economy before elections- Reuters
§
Almost
two-thirds of Americans believe the economy will worsen before it gets better,
up from 53 percent who felt that way in January, the poll found.
§ Nearly six in 10 of
those surveyed said the country is headed in the wrong direction
o
Political Stories:
o
The Blame Bush Strategy Won't Work- WSJ
§
To
save themselves in the midterm elections, Democrats are counting on selling two
themes: The state of the economy is all George W. Bush's fault, and Republican
policies will take us backwards. President Obama relished going to Texas this
week to blame his predecessor for the current bad economy.
o
Dodd, Frank at Odds Over Who Should Lead New Agency- WSJ
§
The
discord is over who should lead the new Consumer Financial Protection Bureau, a
key plank of the new law
o
Taxes: Most
Americans Favor Keeping All Bush Tax Cuts for Now- CNBC
§
Most
Americans would go along with temporarily extending the Bush tax cuts for all
taxpayers, including the wealthy, until the economy recovers- Survey
o Fed watch stories:
o
Overdraft crackdown: Outdoing Fed, FDIC Targets Checks, ACH
Overdrafts- American Banker
o
Fed Increases Focus on Japan-Style Tools With
Securities Floor-BBG
§
The
Fed on Aug. 10 set a floor on its holdings at the current $2.05 trillion level,
aiming to stop any contraction in the balance sheet from pushing up borrowing
costs during a slowdown in economic growth
o US States, Muni Watch:
o
California: Lockyer Asks
Calpers to Report on City, State Pay- BBG
§ Treasurer Bill Lockyer asked the state’s biggest pension plan to report
the 100 highest state and local govt salaries each year and to help prevent pay
abuses
o
Idaho: Foreclosure Crisis Spreads Across U.S. as
Idaho Defaults Mount- BBG
o
Crisis Watch
o
Superbug?: A new form of
bacteria resistant to most antibiotics is spreading worldwide, scientists
warned on Wednesday- FT link
o
Pakistan Seeks
Emergency Supplies as Worst Floods Ravage South- BBG
§
officials
battling the most destructive floods in the country’s history appealed for
urgent deliveries of food, shelters and medicine for 14 million displaced
people.
o
Nearly 60% Of Americans Support Dropping Of A-Bombs-
Nikkei
o
Funds:
o
Correction coming?: Hedge Funds Looking for 5-10%
Correction- CNBC
§
However,
in the long term, Scaramucci says the hedge fund community believes the
fundamentals for the S&P remain in tact
o
US fund manager warns on mortgage guarantee- FT
§
Bill
Gross said that he would not buy bonds backed by mortgages unless the US
government continued to guarantee the debt
o
Hedge funds develop taste for US Treasury bonds-
FT
§
Hedge
fund managers have piled into the US government bond market this year in an
attempt to profit from growing volatility and pricing inefficiencies arising
from the US Federal Reserve’s unorthodox monetary policies.
o
Top Real Estate
Stories:
o Buyers' Credit Lifts Home Prices, but Outlook Dims-
WSJ
§ Home prices rose in
two-thirds of U.S. metropolitan areas in the second quarter as the expiration
of home-buyer tax credits spurred sales
o Median Home Prices Rise in Most US Cities-
CNBC
§
Home
prices rose in nearly two-thirds of U.S. cities this spring as buyers took
advantage of tax incentives that gave the struggling housing market a temporary
jolt.
o
SocGen to More Than
Double Property Lending in Asia- BBG
§
Societe
Generale plans to more than double the
amount it lends for real-estate transactions in Asia to meet rising demand for
investments.
§ The bank, which
started offering property financing in Asia in 2007, will increase its real
estate loan allocation to the region to 20 percent by 2012
o
HUD Offers Interest-Free Loans to Reduce Foreclosures-
BBG
§ The Obama administration will offer
$1 billion in zero-interest loans to help homeowners who’ve lost income avoid
foreclosure as part of $3 billion in additional aid targeting economically
distressed areas
o Equity Recap
o
Today marked a flight
from risk to the perceived safety of the US Dollar and the Yen. The Yen rose
against all 16 of its counterparts to a 15 year high, and managed an 84 print
vs. the dollar. For its part, the Dollar rallied 2.4% vs. the Euro, its first
strong day in over a month and a half (a period during which the Dollar’s 10%
decline seemed to underpin the “risk on” trade). In addition to concerns that
the Fed may not be doing enough, there were further signs of slowing in the
Chinese economy, along with a tick up in inflation to the 3.3% level (highest
in 22 months). Ironically, though, the Shanghai market closed up 0.4%. Japan was off 2.7%. In Europe, the Stoxx 600 fell
2%, as decliners swamped advancers 53 to 1. The S&P cash index was off
2.82% to 1089.47. The Dow lost 265 points as all 30 individual names declined.
o
After the bell, CSCO
reported. CEO Chambers had some cautionary comments and the stock declined 7.8%
to 21.87 in afterhours trading. S&P futures also fell another 10 points on
the CSCO news to the 1075 level, clearly breaking the 7/30 low of 1083.60. The
next support for the futures is at 1050.
o
It started ugly and then progressed to get uglier as the
day wore on as the indexes closed near the lows of the day and their 50 day
moving average of 1,088. The data out of the states has been horrible let alone the uk ‘s Mervyn King downgrading
their growth rate from 2 -1 ½%, Chinese
data continues to be weaker(as a friend points out, when was the last
time you’ve seen a “soft Landing”) and Investors are alive but no conviction
and it shows with the light volume and now people trying to move positions and
tweak portfolios. Breadth to the market had declining issues outnumber
advancing issues by 6.5-1 while internally here, buy and sell names were
relatively equal. Tech was our biggest space
we were active in with about 17% of our biz being in that space, Finance
15%, Healthcare 15%, industrials 8%, retail 5%.
We saw a little bit of everything in terms of investors on both sides of the fence, some covering of
shorts, vanillas on both sides, no real
major conviction from either way, some shorts were laying them out
o
Billy
Clark and Team
o Rates Commentary
·
The
UST market overnight was well bid aided by overseas Asia buying after the FOMC
statement and later with the BOE lowering their inflation forecast giving the
gilts market a firm bid with Treasuries following suit. The market opened up
the New York session higher in price with the belly continuing to outperform
the wings. Overall price action throughout the morning was extremely volatile
and choppy ahead of today's $24Bln 10 year note auction. The market did give
back some of its curve shift through the morning and early afternoon as the
long end caught a small bid. As the
auction approached there were many uncertainties considering the Fed's recent
actions yet lackluster dealer setups. The 10 year ended up coming .2bp through
at 2.73%, with indirects purchasing 45.8% and directs 10.6% providing the
answer and assurance that demand was met and the market should continue to be
well supported.
·
Treasuries
post auction held in extremely well the violent curve shifts continuing but
overall surprisingly or not the longer end outperforming. At 3PM benchmarks
were higher in price across the curve with yields ~2-10bps lower, the 2 year
was the worst performer the 30 year the best. $16Bln 30 year bonds remain on
the auction calendar tomorrow which will surely provide many fireworks.
·
The
Fed released their buyback schedule which will include 9 buybacks across the
Treasury and TIPS curves totaling around $18Bln
·
Primary
Dealer
o Converts recap
o
Trace
volumes picked up substantially today. The volume was spread across many names
with the top five only 17% of the total volume. Customer buys slightly
outnumbered customer sells and we saw a big pick up in volatility related
names. The VIX index was up 10% and we saw an uptick in single names volatility
as well, driving demand for some larger cap names with exposure to changes in
volatility. We had been seeing more demand in credit names so we’ll see if this
is a longer term trend or a one day aberration caused by equity and high yield
markets selling off today
o
Tom
Fazio
o Investment Grade
Recap
o
Lower
volumes in mixed activity but no question wider. Higher quality was unchanged in spots to
2-3bps wider while BBB's like KFT and DOW were out ~10bps. In my sectors at least we are going out off
the wides for the day but spreads feel suseptible to say the least. Recent deals like NWL and WLP hit some bids
early on but are going out only 2-3bps softer on the day. There continues to be cash to put to work
especially in the higher quality paper - we traded DD, XOM, PEG,
PGN,...especially in the 3-8yr part of the curve.
o
Names
still traded well off bwic's despite the uncertainty and weakness - CAT 36s
traded inside +90, COP 39 inside +100 and so on...we traded DUK 38s tighter
today than we did last week. It is name
to name and higher quality is what real money is continuing to have a bid
for...BBBs not quite as much - we did trade WY 32s wrapped around $99 and are
looking for more and traded 19s yesterday...looks like it will be interesting
at the very least tomorrow. We continue
to have more buy than sell inquiry on the desk.
o
Michael
Salemo and Team
o
OAS Oasis Petroleum
reports pro forma Q2 EPS
o
REN Resolute Energy
reports Q2 EPS
o
EEP Enbridge Energy
Partners expects to meet Friday deadline for revised pipeline restart plan,
will meet all regulator's requirements--Reuters
o
Solar: China Solar
Projects Draw Interest From 50 Companies- BBG
o
China’s
effort to more than double its solar-energy capacity has attracted project bids
by 50 companies ranging from nuclear plant operators to circuit-breaker makers
o
MIDD Middleby reports Q2
EPS
o
HOLI Hollysys reports Q4
non-GAAP EPS
o
FLS Flowserve announces
additional CALDER order
o
SON Sonoco Products
initiated buy at Soleil Securities: target is $40.
o
ENS EnerSys reports Q1
EPS
o
LSTR Landstar responds to
media reports regarding Windsor, Ontario transportation hub project
o
SPIR Spire Corporation
reports Q2 GAAP EPS
o
MMLP Martin Midstream
Partners commences 1M unit secondary offering through RBC Capital Markets
o
XPO Express-1 Expedited
Solutions reports Q2 EPS
o
ATSG Air Transport
Services Group to convert three Boeing 767-300 series aircraft to full
freighter configurations
o
TGP Teekay LNG Partners
reports Q2 Distributable cash flow: $36.0M vs $31.7M y/y
o
TNK Teekay Tankers
reports Q2 adjusted EPS
o
TRBR Trailer Bridge
reports Q2 EPS
o
TNK Teekay Tankers cuts
quarterly dividend by 8.1% to $0.34 from $0.37
o
TK Teekay Corporation
reports Q2 EPS
o
MNTX Manitex
International reports Q2 EPS
AUTOS
o
AAP Advance Auto Parts reports Q2 EPS
TECH/MEDIA/TELECOM
o
MOT: CEO not worried about a Verizon iPhone-
IntoMobile
o
RIMM: India says
BlackBerry meeting "inconclusive"- Reuters
o
A
senior government official said on Wednesday that the government could ask
mobile phone operators to block BlackBerry messaging and email until RIM
provides access to data transmitted over the handset
o
AAPL, GOOG, YHOO Wells Fargo
initiates; Apple initiated outperform; valuation range $300-320; Google
initiated outperform; valuation range $620-640; Yahoo! initiated market
perform; valuation range $15-16
o
CSCO Cisco Systems conference
call highlights
o
ADPT ADPT Corp reports Q1
EPS cont ops
o
AVGO Avago issues press
release; confirms withdrawal of secondary offering
o
RWC RELM Wireless
reports Q2 EPS
o
AEIS Advanced Energy
reports resignation of CFO Lawrence Firestone to pursue other opportunities
o
CSCO Cisco Systems guides
fiscal Q1 (Oct) revenue growth to 18%-20% y/y - conf. call
o
AVGO Avago trading
higher, post-market
o
SCIL Scientific Learning
reports Q2 EPS
o
GRRF China GrenTech
reports Q2 EPS
o
APAC APAC Customer
Services reports Q2 EPS
o
AMCN AirMedia Group
reports Q2 EPS
o
CPII CPI International
reports Q3 EPS
o
EDGR EDGAR Online reports
Q2 EPS
o
CSCO Cisco Systems
reports Q4 EPS
o
SRX SRA International
reports Q4 EPS
o
HILL Dot Hill Systems
reports Q2 non-GAAP EPS
o
IDSY I.D. Systems reports
Q2 EPS
o
NLST Netlist reports Q2
EPS
o
TCX Tucows reports Q2
EPS
o
INTT inTEST Corp reports
Q2 EPS
o
XRM Xerium Technologies
reports Q2 EPS
UTILITIES
o
CHC China Hydroelectric
Corp reports Q2 non-GAAP EPS
o
UGI UGI announces
purchase of Danish LPG business from BP
o
RNR RenaissanceRe
approves increase in share repurchase program
o
UCBI United Community
Banks files $200M mixed shelf
o
CIT CIT Group announces
progress in reducing funding costs
o
BRK.B Berkshire
Hathaway's Burlington Northern reports weekly carloads (week ended 7-Aug);
total carloads and intermodal +10.2% to 179,564; last week +15.0%.
o
ART Artio Global
Advisors reports preliminary month end AUM of $51.3B
o
MET, PRU MetLife and
Prudential Financial investigated by Georgia state regulator for retaining
death benefits -- Bloomberg
o
PRI Primerica initiates
$0.01 per share dividend
o ONE Higher One Holdings reports Q2 EPS
o
CLNY Colony Financial
reports Q2 EPS
o
ARI Apollo Commercial
Real Estate increases quarterly dividend by 5.3% to $0.40 from $0.38
o
THS Treehouse Foods
initiated buy at Stifel Nicolaus; target is $50.
o
COKE Coca-Cola Bottling
company reports Q2 EPS
o
GIII G-III Apparel
initiated buy at Needham; target is $30.
o
STLY Stanley Furniture
reports Q2 EPS
o
ARCL Archipelago Learning
reports Q2 EPS $0.10, including EducationCity contribution
o
ANW Aegean Marine
Petroleum reports Q2 EPS
o
EDMC Education Management
reports Q4 EPS
o
CVO Cenveo reports Q2
EPS
o
TOO Teekay Offshore
Partners reports Q2 adjusted net income $18.9M vs. $20.1M seq.
o
ICOP ICOP Digital reports
Q2 EPS
o
GPIC Gaming Partners
reports Q2 EPS
o
SVN 7 Days Group
Holdings reports Q2 EPS
o
MCK Barron's Weekday
Trader is positive on McKesson
o
ATSI ATS Medical reports
Q2 EPS
o
STJ St. Jude Medical
provides update on investigation in 10Q filing
o
VSCI Vision-Sciences
reports Q1 EPS
o
ZMH Zimmer reports first
implantation of NCB Periprosthetic Plating System
o
FURX Furiex
Pharmaceuticals reports Q2 EPS
o
ELGX Endologix disputes
alleged patent infringement by CR Bard (BCR) unit
o
GIVN Given Imaging
reports Q2 EPS
o
SOMX Somaxon
Pharmaceuticals reports Q2 EPS
o
VRX Valeant/Glaxo
confirm positive vote from FDA advisory committee on ezogabine
o
VITA Orthovita notes
publication by The Lancet of study demonstrating efficacy of vertebroplasty vs.
Conservative Treatment
o
WEBM WebMedia Brands
reports Q2 EPS
o
Stocks
mentioned on CNBC's Mad Money with Jim Cramer - TheStreet.com
o
+
ED, FRT, PG, PCLN, F, FLR, UPS, EXPD and
MHS.
§ WG and AAWW
o
Metals
and miners
o
Salzgitter (-3%). 2Q figures inline, confirmed their 2010 pre-tax
profit forecasts.
o
Rio
Tinto (-1%). Rio propose a buyback of all
internally held shares, the first tranche of $9.2bn will be undertaken this
month.
o
Aquarius
Platinum (-1.3%). Swings to a FY pre-tax
profit.
o
Oils
o
Dana
Petroleum (-10%). Talks between Dana and KNOC
have broken down with Dana claiming KNOC are unwilling to increase their £18
bid.- BBG
o
Aker
Solutions (-7.6%). 2Q figures miss estimates.
o
Utilities
o
RWE (-0.4%). 1H figures better than expected, they have backed
their 2010 earnings targets.
o
Chemicals
o
K+S (-2.1%). 2Q figures disappoint, with 2010 guidance below
expectations.
M&A
o BKS Barnes & Noble, Burkle in talks to end fight- Reuters
o Bookseller Barnes & Noble Inc (BKS.N) is
in talks with Ronald Burkle's investment firm to end the billionaire's lawsuit
and avoid a potential fight over the company's board
o The settlement would potentially involve
adding three directors to the nine-person board
o http://www.reuters.com/article/idUSN1125498220100812
o India's Tata Tele denies DoCoMo investment report- Reuters
o India's Economic Times newspaper said DoCoMo is
expected to lift its stake in India's fifth-biggest mobile operator to 35-40
percent from 26 percent
o http://www.reuters.com/article/idUSTOE67A01X20100811
o BP Europe SE chief sees no disposals in his unit- Reuters
o BP Plc (BP.L) does not plan to divest any of
the businesses in its BP Europe SE division as part of plans to sell $30
billion in assets over the next 18 months to cover costs from the Gulf spill
disaster
o http://www.reuters.com/article/idUSLDE67A22D20100812
o S Koreans closer to £1.7bn Dana takeover- FT
o Dana’s board of directors is expected to
decide this week about a response to KNOC’s £18 per share proposal, and is
likely to provide it with detailed information about the company, people close
to the talks said.
o http://www.ft.com/cms/s/0/5cf4ff04-a5a1-11df-a5b7-00144feabdc0.html
o Korea National Oil Corp is still committed to bidding for Dana
Petroleum- Reuters
o Russia's Severstal U.S. mills up for sale- Reuters
o The report stated that Severstal is looking to
sell operations in Warren, Ohio, in Sparrows Point, Maryland and in Wheeling,
West Virginia and that it has sent information packets about the operations to
a range of steel majors.
o http://www.reuters.com/article/idUSTRE67B16K20100812
o UK's Prudential trims cost of botched AIA deal- Reuters
o The botched takeover will cost 377 million
pounds ($591.4 million), down from an initial estimate of 450 million pounds,
thanks to reduced fee payments to its advisors and lower foreign exchange
hedging costs
o http://www.reuters.com/article/idUSLDE67B09P20100812
o Vedanta Said to Hold Talks on Deal With Cairn Energy- BBG
o The companies have discussed a range of
options, including an equity stake, asset purchases or a complete takeover of
Cairn, one person said.
o The talks are advanced, and a deal may be
announced later this month, said the people
o http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aVC0jlm6.MW0
o Vedanta, Cairn Energy decline to comment on report Vedanta in talks to
buy assets- SA
o FIG Fortress to buy most of AIG consumer finance unit- Reuters
o American International Group is selling most
of its consumer finance unit to Fortress Investment at a deep discount and will recognize a $1.9
billion pretax loss as a result.
o GOOG Google Ventures Invests In iPhone Game Developer ngmoco-
TechCrunch
o Google Ventures, the VC arm of the search
giant, has made an investment in popular iPhone/iPad game developer ngmoco, say
multiple sources
o The company, which is already profitable, took
the money as part of a new round of funding — probably in the $3-5 million
range
o http://techcrunch.com/2010/08/11/google-ventures-invests-in-iphone-game-developer-ngmoco/
o UGI to buy BP's Denmark LPG business- Reuters
o Terms of the deal, including its value, were
not disclosed. The BP business distributes nearly 9.5 million gallons of
liquefied petroleum gas annually in Denmark.
o http://www.reuters.com/article/idUSN1124435720100811
o Ssangyong picks India's Mahindra as preferred bidder- Reuters
o Ssangyong set the deadline for a binding offer
for the company on Tuesday and three groups including Mahindra and India's Ruia
Group submitted their proposals to buy the cash-strapped auto company
o http://www.reuters.com/article/idUSSEU00312020100811
o Australia's MAp Airports to sell Mexico stake- Reuters
o Australian airport operator MAp Airports
(MAP.AX) said on Thursday it expects to sell its 16 percent stake in Mexican
airport operator Grupo Aeroportuario del Sureste de Mexico or Asur (ASURB.MX)
for $207 million
o http://www.reuters.com/article/idUSSYU01046420100812
o Danone agrees $470 mln WBD Wimm-Bill-Dann stake sale- Reuters
o French food group Danone (DANO.PA) will sell
back its 18.4 percent stake in Wimm-Bill-Dann (WBD.N) to the Russian juice and
dairy group for $470 million, it said on Thursday
o http://www.reuters.com/article/idUSLDE67B05L20100812
o Suncor sells natural gas assets for C$375 mln- Reuters
o Suncor Energy, Canada's largest energy
company, said early on Thursday that it has struck a deal with Direct Energy to
sell natural gas assets for about C$375 mi
o http://www.reuters.com/article/idUSSGE67B08I20100812
o China Mobile, Xinhua to form search engine firm- Xinhua
o The joint venture would compete against other
search giants, such as Baidu.com (BIDU.O) and Google (GOOG.O) in China's
rapidly growing search engine market
o Li & Fung to buy U.S. shoemaker Jilmar Corp- Reuters
o Jimlar was one of several companies named by
Li & Fung in its interim results announcement posted on the Hong Kong stock
exchange
o http://www.reuters.com/article/idUSHKU00013020100812
o Spain's ACS and CVC reach $2.2 billion deal on Abertis- Reuters
o ACS has agreed to sell a 1.7 billion euro
($2.24 billion) stake in toll road operator Abertis to private equity fund CVC
Capital Partners, freeing up the Spanish builder to cut debt and pursue energy
investments
o http://www.reuters.com/article/idUSTRE67A1IO20100811
o RioCan says C$500 mln in deals in progress- Reuters
o RioCan REIT (REI_u.TO) said on Wednesday it has
more than C$500 million ($476 million) in deals to acquire properties in
various stages of due diligence, and is in the process of completing several
refinancings to boost its capital
o http://www.reuters.com/article/idUSN1123843320100811
$ RAISING
IPOs
o New Century Transportation files for $120 mln IPO- Reuters
o Motor carrier New
Century Transportation Inc filed with U.S. securities regulators on Wednesday
to raise up to $120 million in an initial public offering of common stock
o http://www.reuters.com/article/idUSSGE67A0K220100811
o AIG talking to big investors on AIA IPO- Reuters
o Several financial investors, including Temasek
Holdings, China Investment Corp, and Abu Dhabi Investment Authority have
expressed interest in buying cornerstone stakes in AIA
o http://www.reuters.com/article/idUSTRE67B0KY20100812
PRICINGS
o Initial Offerings
o
SMG Indium Resources 9m share IPO expected to price 8/9
via Rodman & Renshaw and Sunrise Securites: Price Talk $5
o
MMYT MakeMyTrip 5m share IPO prices at the top of the range at
$14
o
RP RealPage 12.3m share IPO prices below the range at $11 /shr
o Secondary Offerings
o
ASR Grupo Aeroportuario del Sureste $231m secondary expected
to price 8/11 via JPM and Macquarie
o
PSTB Park Sterling Bank $230m secondary expected to price 8/11
via KBW
o
SUNH Sun Healthcare $167m secondary expected to price 8/12 via
Jefferies, CS, and JPM
NEWS
o GM ties up $5 billion
bank deal, IPO filing Friday- Reuters
o
General Motors Co has secured a $5 billion credit facility,
two people briefed on the bank deal said on Wednesday, marking the return of
the top U.S. automaker to the capital markets a year after it emerged from a
landmark bankruptcy
o
http://www.reuters.com/article/idUSTRE67A4AO20100812
o
Energy: MMLP
Martin Midstream Partners commences 1M unit secondary offering through RBC
Capital Markets
o
Financials: UCBI
United Community Banks files $200M mixed shelf
o
Tech: AVGO
Avago has pulled their planned secondary.
o
Canaccord
Adams Global Growth Conference - Aug 10, 2010 - Aug 12, 2010
·
8AM: HLF , INUV , KITD
·
8:30AM: ATEC , CHOP
·
9AM: MNKD , QLGC
·
9:30AM: MRNAD , ZIOP
·
10AM: ATHR , PMTC
·
10:30AM: CYTK , SYK
·
11AM: STN
·
11:30AM: DGI , MATK , ULTI
·
1PM: CBPO , HOLX
·
1:30PM: CKSW
·
2:30PM: FSLR , MITI
·
3PM: ATHN
·
3:30PM: HTWR , ICFI
·
4PM: DLB , TYPE
·
4:30PM: VICL
·
5PM: FSYS , TH.CA
·
NTS: ITRI , ZRAN
o
Canaccord
Adams Global Growth Conference-Duplicate
·
11AM:
LMNX
o
Citi
Asean Investor Conference - Aug 11, 2010 - Aug 12, 2010
·
NTS: 544.SI , A48U.SI , ABS.PS , AIPUF.PK , CC3.SI ,
COIVF.PK , GPACKET.KL , GTMEF.PK , ICT.PS , IJMPLNT.KL , IRPTF.PK , KOSSAN.KL ,
NPTOF.PK , OVCHF.PK , PHI , S68.SI , STAR.KL , SUPERMX.KL , TCIJF.PK ,
TOPGLOV.KL , UOVEY.PK , V03.SI , YTLPF.PK
o
Collins
Stewart, Inc HealthCare Conference
·
NTS: QCOR, SLTM, STAA, TSPT
o
Credit
Suisse Group Industrial Conference - Aug 10, 2010 - Aug 11, 2010
·
7:30AM: AVY
·
2:35PM: ROP
·
NTS: CAT
o
IFSA
Next Gen Annual Conference - Aug 10, 2010 - Aug 12, 2010
o
International
Quality & Productivity Center Military Vehicle Armor & Power Focus Day
- Aug 10, 2010 - Aug 13, 2010
o
Jefferies
& Co. Global Industrial and A&D Conference - Aug 10, 2010 - Aug
12, 2010
·
4AM: NCIT 8AM: ATSC
·
9AM: CUB , IBI
·
9:30AM: CBT
·
10:30AM: BEAV
·
11AM: CIR , SOA
·
11:30AM: GR
·
1PM: COL
·
1:30PM: GBX , GTEC
·
2:30PM: ATI
·
3PM: PMFG
·
NTS: BEZ
o
Morgan
Keegan Security and Defense Conference
·
9:05AM: COGT , OSIS
·
9:45AM: AVAV
·
10:15AM: SYMM
·
10:45AM: IRBT
·
12:45PM: LCRD
·
2:25PM: CAMP
·
3:25PM: WAVX
·
3:55PM: DGLY
o
Morgan
Keegan Technology Conference - Aug 11, 2010 - Aug 12, 2010
·
8:05AM: DIOD , OPLK
·
8:30AM: RFMD
·
8:35AM: OCLR
·
9:05AM: APKT , LOGI
·
9:45AM: ELX , EXFO
·
10:15AM: XXIA
·
11:35AM: KTOS
·
12:45PM: AUTH , JCOM
·
1:15PM: SUPX
·
1:45PM: ARRS , MSCC
·
2:25PM: CNQR , PLCM
·
2:55PM: ACOM
·
3:25PM: PLT , TLEO
·
3:55PM: BBOX , SMSC
·
4:25PM: KEYN , NENG
·
NTS: ANAD
o
Oppenheimer
& Co. Telecommunication, Media & Technology Conference - Aug 10, 2010 -
Aug 11, 2010
·
8:30AM: BRCM
·
9:10AM: MOVE , Q , STEC , TDC
·
9:50AM: KNXA
·
10:30AM: CA , CNXT
·
11:10AM: ABVT , ADBE , SVR
·
11:50AM: LRCX , SFSF , VECO
·
1:50PM: SCOR , TSYS
·
2:30PM: KLIC , LVLT , RENT , SYNT
·
3:10PM: ALSK , RAX
·
3:50PM: PAET
·
NTS: KNOT , VZ
o
Red
Herring, Inc. Asia Conference - Aug 10, 2010 - Aug 12, 2010
o
Susquehanna
International Group, LLP Summer Energy Conference - Aug 10, 2010 - Aug 11, 2010
o
Terrapinn
Real Estate Investment World Australia Conference - Aug 09, 2010 - Aug 11, 2010
o
UBS
Engineering & Construction One-on-One Conference
·
NTS: FWLT
o
Wall
Street Research Small Cap Conference - Aug 11, 2010 - Aug 12, 2010
o
Wellington
Shields & Co. LLC East Coast Seminar - Aug 09, 2010 - Aug 11, 2010
o TODAY’S EVENTS
o
Shareholder
Meetings
§
SOLR,
NICK, LABL, XLNX, XAE, QSII, CPY
o ECONOMICS
o
0700
Mortgage Applications
o
0830
Trade Balance
o
1400
Monthly Budget Statement
o EARNINGS
o Autos
·
SUP,
AAP
o Materials
·
XRM,
VRS, ZOLT
o Consumer/Retail/Education
·
AAIR,
MFB, M, SUSS, BOBE, JAX, CRWS, STLY, CVO, CEU, EDMC, GAI, KELYA, RCMT, ANW,
GLOI
o
Energy
·
WH,
ISRL, REN, OOIL
o Financials
·
NBN,
UNAM, FCZA, PMBC, ABCW, BFCF, FABK, FCLF, RCKB, NEWT
o Gaming, Lodging,
& Leisure
·
UTA,
LACO
o Healthcare
·
KV/A,
CXM, RXII, SSRX, NPD, AMAC, GIVN, CNSO, MZEI, INIS, SRLS, WGBS, CORT, EMIS,
NVDL, SOMX
o Industrials/Homebuilders
·
ARTX,
KSW, ABAT, CPTC, UPG, MLAB, TBUS, XRIT, CECE, MNTX, NFEC, NNBR, SEED, CYD, STS,
ACY
o Media
·
AMCN
o Real Estate
·
CLNY,
CRIC, EJ
o
Tech/Telecom
·
SCIL,
HILL, CSC, NLST, SRX, AVT, IDSY, XOHO, PAYD, ARCL, EDGR, GLOW, SDXC, TCX, WEBM,
APAC, CSCO, GRRF, JCS, RWC, SHOR
o Transportation
·
CPA,
XJT, TK, TNK
***All
eco data from Bloomberg and DJ
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